An ongoing shortage of chips and other basic materials is forcing tech and automotive giants to scale back their targets.
"When we talk about semiconductors, we are seeing improvements here and there. It's quite supplier-specific at the moment but when we look at the full year and the second half of the year, we continue to be hopeful that things will start looking better towards the end of the year."
The global chip shortage wreaked havoc on the car industry in 2021 as many of them struggled to find the pieces of silicon they need to power features such as cruise control and parking sensors.CEO Ola Källenius told CNBC's Annette Weisbach Friday that ongoing supply shortages, particularly with regards to semiconductors, are one of the three main challenges in the current business environment.
The lockdowns in China are adding to short-term uncertainty, Lundmark said in reference to Nokia's chip supply chain.CEO Jim Rowan told CNBC's"Squawk Box Europe" Thursday that Volvo doesn't currently have enough of one particular chipset. In a research note last month looking at the euro zone, Berenberg economists Kallum Pickering and Salomon Fiedler said the production of cars still lags far behind orders.
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